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Argentina and Repsol reach compensation agreement over expropriation of YPF

Monday, 24 Feb 2014 07:00pm EST 

Repsol SA:Says the company and Argentina have reached a compensation agreement over expropriation of YPF.Agreement recognizes the company’s right to receive $5 billion as compensation for the expropriation of 51 percent of the shares of YPF.Agreement stipulates guarantees for effective payment and termination of all judicial and arbitration proceedings and the reciprocal waiver of future claims.Government of Argentina to transfer to Repsol dollar-denominated public debt: a fixed package with a nominal value of $5 billion and a complementary package, with a maximum nominal value of $1 billion.Transferal of the complementary bonds to be adjusted so that the market value of the bonds is no less than $4.670 billion and up to a maximum nominal value of $6 billion.The compensation agreement is protected by the Bilateral Treaty between Spain and Argentina for the Protection of Investments.Agreement must be ratified by the annual general shareholders’ meeting and by the Argentinean Parliament. 

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-0.62 -2.26%
24 Dec 2014